WEL Networks Annual Report 2018
The WEL Group is focused on delivering innovative utility services to enable our communities to thrive. We play a vital part in the economic and social development of the region by recognising and investing in new technologies that will revolutionise our electricity and fibre network, and future-proof our region.
The 2017-18 year has been positive for the WEL Group as we continue to provide reliable multi-utility services to our communities and extend the reach of our fibre network into additional North Island communities.
View the 2018 Annual Report
- The WEL Group has delivered its first full financial year of consolidated year end results incorporating Ultrafast Fibre Limited (‘UFF’). The Net Profit after Tax of $13.4M was $1.8M higher than budget due to commercial lines consumption and continued strong urban development in the Waikato region.
- A total of $20 million (including GST) has been distributed to customers in this year’s annual discount payment. Over the past 15 years WEL Networks has distributed $293 million (including GST) to the Waikato community under the discount scheme.
- From the 2019 financial year, the annual discount payment will be discontinued and replaced with reduced lines prices for residential electricity customers. As at 1 April 2018 residential lines prices reduced on average by approximately 8%.
- In November 2017 the first customer connected to OurPower, an online energy retail solution which utilises smart solutions, to provide lower cost electricity to consumers.